AEOI IR Letters In recent months you may have commenced receiving letters from IR, containing a subject line which reads – “Automatic exchange of financial account information”. The letters commence with an explanation of the background to the OECD’s AEOI project, which uses a common reporting standard (CRS) to facilitate the sharing of financial account […]
In case you missed it Our pristine countryside will soon be littered with a multitude of billboards, as big toothy grins suggest “you should vote for me”, due to our esteemed PM having announced 19th September 2020 as being the date for this year’s election. Arguably for some of us, it will be the curtain […]
Canvased in a previous AWIR when the drafts were initially released for public feedback, IR have now released the finalised versions. QB 19/15 deals with a scenario where a beneficiary of the trust rents out the trust property for short-stay accommodation, and considers the question of who should declare the income for tax purposes and […]
Debt forgiveness qualifies for Donation Tax Credit? Well it did at least in the eyes of both the High Court and the Court of Appeal, where a taxpayer had established a charitable trust, advanced a sum of money to the trust by way of loan, proceeded to forgive a portion of the debt annually and […]
Revenue Seeks More Consistency A number of you will probably have come across a business sale agreement, which reflects a consideration agreed between the parties as a single global sum, with no allocation breakdown to recognise the different components included in the sale – inventory, depreciable assets, goodwill etc. Naturally if your client is the […]
A Christmas Treat for New Zealand Retailers In case you’ve been hiding under a rock and missed it, 1st December saw the introduction of New Zealand’s latest tinkering to its GST regime, a low value imported goods GST, aka ‘the Amazon tax’. With an intention to remove the GST cost component element from a New […]
Child Support Collection Web Widens IR presently has circa $7.7m in child support debt owing by liable parents who live outside of New Zealand. While we have had strong reciprocal enforcement and collection arrangements in place with Australia for nearly 20 years, the same cannot be said with respect to most other jurisdictions, where historically […]
BEPS results in MNE guidance The passing of the Taxation (Neutralising Base Erosion and Profit Shifting) Act 2018 in June 2018 was promoted as NZ’s response to the OECD/G20 BEPS project, introducing a series of anti-BEPS measures to protect the NZ tax base from aggressive practices by multinational enterprises. The new rules prevented MNE’s from […]
OECD Work Continues Those of you who managed to digest last week’s AWIR, will recall my comment regarding the OECD’s present project, The Programme of Work and its two pillared approach, and the likely soon to be released public consultation document on the second pillar. Well as Murphy’s Law would have it, no sooner had […]
For companies eager to enter new markets, tapping into the global, digitised world is an exciting opportunity. With the latest predictions of cross-border deals set to increase five-fold to $130 […]
Read moreOECD digitalisation of economy project update You may recall that the OECD have been tasked by the G20 (itself having recognised the taxation challenges faced by numerous jurisdictions due to the digitalisation of the global economy), to obtain an internationally agreed solution, to the global digitalisation problem. In June 2019, the G20 finance ministers and […]
QUESTION ONE – In your experience, what are the key considerations that international clients should have the front of mind when assessing a target company for acquisition in your jurisdiction? Once a target company is identified, the key issues to consider for an acquisition in New Zealand are: The local statutory approvals required (if any) […]
